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 & (1) & (2) & (3) \\
VARIABLES & FD\_lshare5 & FD\_lshare5 & FD\_lshare5 \\ \hline
 &  &  &  \\
FD\_mc\_pmu\_w & -0.0221*** & -0.0222*** & -0.0233*** \\
 & (0.00342) & (0.00349) & (0.00291) \\
Constant & 0.00724*** & 0.00724*** & 0.00725*** \\
 & (0.00184) & (2.66e-05) & (2.25e-05) \\
 &  &  &  \\
Observations & 178,368 & 178,368 & 178,183 \\
R-squared & 0.002 & 0.003 & 0.160 \\
Market FE & No & No & No \\
Year FE & No & Yes & No \\
Market*Year FE & No & No & Yes \\
Firm FE & No & No & No \\
Cluster & Firm Year & Firm Year & Firm Year \\
R2 & 0.002 & 0.003 & 0.160 \\
adj-R2 & 0.002 & 0.003 & 0.148 \\
with-R2 & 0.002 & 0.002 & 0.003 \\
 with-adj-R2 & 0.002 & 0.002 & 0.003 \\ \hline
\multicolumn{4}{c}{ Robust standard errors in parentheses} \\
\multicolumn{4}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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